Eurozone approves Cyprus bailout terms

The eurozone finance ministers approved Friday in Dublin, Ireland, the terms of the Cyprus bailout deal, while the overall cost of the island’s financial rescue has increased to 23 billion euros (USD 30 billion).

Earlier on Friday, Cypriot President Nicos Anastasiades said he would ask for more help from the European Union to support the country’s besieged economy.

The bailout deal must now be approved by the national parliaments within the eurozone before a scheduled first aid payment can be paid out in May.

Prior to the meeting, Austrian Finance Minister Maria Fekter warned that “if the numbers don’t add up, then there probably won’t be agreement from the national parliaments.”


Cyprus admitted on Thursday that the bailout costs have increased sharply to 23 billion euros (USD 30 billion), instead of the 10 billion euros agreed on March 25 with its creditors, including the European Union, the European Central Bank and the International Monetary Fund.

The bailout has sparked public outrage in Cyprus, as many people holding over 100,000 euros in the island’s top two banks lost most of their wealth, with a one-time tax of up to 60 percent.

CAH/JR/SS

Source Article from http://www.presstv.ir/detail/2013/04/12/297888/eurozone-approves-cyprus-bailout-terms/

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